Gas crisis helps to land BP $500 million windfall

BP's trading team made at least $500 million in the third quarter of 2021.

That's according to two sources with knowledge of the company's trading results.

They say the energy major benefitted from a gas crisis that has left consumers and industries struggling.

Natural gas and power prices soared in Europe and parts of Asia in August.

As the global economy recovered from the health crisis.

Low gas stocks after a cold winter and hot summer as well as poor renewables output contributed to the rally.

The increase in power bills sparked protests in Spain and put European governments under pressure .

BP's gas trading results were disclosed at an internal call with staff earlier this month, the sources said.

BP declined to comment on the story.

The gains were made as customers in Europe and Asia rushed to buy Liquefied Natural Gas from the United States and other parts of the world to cope with shortages.

BP's strong gas trading results are likely to provide an early indication of how other international energy companies will benefit from the global gas crunch.

Both BP and Shell are banking on cash flow from trading to support them through their transition to a business model less reliant on fossil fuels.

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